California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 10 - Check Sellers, Bill Payers and Proraters
Article 3 - Books, Records and Examinations
Section 1789.6 - Statements of Account

Universal Citation: 10 CA Code of Regs 1789.6

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

A licensee engaged in the business of prorating, upon closing an account shall immediately render to the customer a statement in writing showing the following:

(1) Total funds received by the prorater from or on behalf of the customer.

(2) Total disbursements made to each of the customer's creditors by the prorater.

(3) The total amount which any creditor has agreed to accept as payment in full on any debt owed him by the debtor.

(4) Amount and type of charges paid to the prorater by the debtor.

(5) Balance of customer's account at the closing of the account.

(6) That all funds held in the customer's account have been returned to the customer.

1. New section filed 3-27-52; effective thirtieth day thereafter (Register 28, No. 1).
2. Amendment filed 1-22-74; effective thirtieth day thereafter (Register 74, No. 4).
3. Amendment filed 8-9-83; effective thirtieth day thereafter (Register 83, No. 33).

Note: Authority cited: Section 12300, Financial Code. Reference: Sections 12300.3, 12314, 12314.1 and 12316, Financial Code.

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